Nord du Lac gets Bond Commission OK

The proposed Nord du Lac shopping center near Covington took another step toward development Thursday as the State Bond Commission approved a financing plan that does not rely on state money.

The commission in recent months had been a major hurdle for the $220 million project because of concerns about using state sales taxes to support road improvements around the center, which will be built at Interstate 12 and Louisiana 21.

On Thursday the project had an easier time with the commission because a new financing plan utilizes only a local sales tax that is supported by the St. Tammany Parish Council and the developer, Richard Yeilding, senior vice president of Colonial Properties Trust.

The commission approved the project's request to issue revenue bonds up to $24 million, which will be paid with assessments on tenants of the 1-million-square-foot shopping center.

Infrastructure improvements in the area up to $10 million will be supported by a 3/4-cent sales tax on purchases within a new economic development zone created for an area that includes the shopping center.